House Republicans' IRS cuts would add over $100B to deficit: Budget Office

The House GOP's new proposal to slash significant funding for the Internal Revenue Service (IRS) would inflate the federal deficit even more, according to the Congressional Budget Office (CBO).

With Kevin McCarthy finally elected speaker of the House after 15 contentious rounds of voting, Republicans in the House of Representatives are at last beginning to forward new proposals. The first one out of the gate is a budgetary bill set to hit the House floor Monday night, aiming to cut $71 billion in federal funding for the IRS over the next decade, according to The Hill.

The bill could cut back most of the $80 billion in IRS funding from the bipartisan Inflation Reduction Act, which President Joe Biden signed into law last year. The majority of that amount, $46 billion over the next decade, is intended to bolster the service's enforcement efforts and help prevent wealthy individuals and corporations from paying less than they owe.